McClatchy whacks out killer headline as CDS pays 98 cents

By Dan Alderson

Wednesday, March 11, 2020

A month ago, when US newspaper company McClatchy triggered a bankruptcy credit event, sellers of CDS protection may have consoled themselves they were only looking at paying out around 27 cents on the contracts. But yesterday’s credit event auction set the final price at just two, meaning a whopping 98 cent windfall for protection buyers

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TAGS: CDS High yield bonds Distressed debt Credit derivatives North America

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